Annual Report and Accounts 2009

Five Year Review for the year to 31 December 2009

  2009
£m
2008(1)
£m
2007(1)
£m
2006(1)
£m
2005(1)
£m
Income statement
Revenue – continuing 2,595.6 3,467.7 4,142.8 3,572.1 3,476.9
Profit on ordinary activities before exceptional items, finance costs and tax 37.7 86.3 435.5 447.7 460.0
Exceptional items (580.7) (1,884.5) (379.7)
Net finance costs, including exceptional finance costs (162.5) (179.1) (112.8) (64.2) (64.0)
Share of results of joint ventures 5.6 7.6 23.4 22.1 15.0
(Loss)/profit for the financial year (699.9) (1,969.7) (33.6) 405.6 411.0
Taxation, including exceptional taxation 59.3 76.6 (173.4) (115.0) (124.5)
Profit for the year from discontinued operations 53.1 10.3
(Loss)/profit for the financial year (640.6) (1,840.0) (196.7) 290.6 286.5
 
Balance sheet
Goodwill 2.4 699.8 363.1 363.9
Other intangible assets 120.5
Other fixed assets 8.2 15.5 39.0 25.5 24.4
Interests in joint ventures 51.9 67.7 59.9 56.2 92.1
Non-current loans and receivables 65.0 47.9 76.4 56.0 37.2
Deferred tax asset 119.6 6.6 117.7 95.4 101.2
Net current assets (excluding cash and debt) 2,744.4 3,739.0 4,683.0 2,261.0 2,097.8
Non-current creditors (excluding debt) and provisions (739.7) (674.2) (675.7) (360.4) (330.4)
Capital employed 2,251.8 3,202.5 5,120.6 2,496.8 2,386.2
Represented by:
Called-up equity ordinary share capital 287.7 289.6 289.6 148.5 148.0
Share premium account 753.6 753.6 758.1 758.8 756.2
Merger relief reserve 1,934.2    
Revaluation reserve 0.5 1.5 0.5
Capital redemption reserve 31.5 31.5 31.5 31.5 31.5
Other reserve 10.3 4.8 4.8 4.8 5.4
Share-based payment tax reserve 5.6 5.6 5.6 8.2 4.0
Translation reserve 29.3 22.8 3.7 (19.1) 29.9
Profit and loss account 385.5 838.3 957.1 1,214.3 1,006.8
Own shares (5.0) (275.7) (282.0) (45.0) (53.9)
Shareholders' funds 1,498.5 1,670.5 3,703.1 2,103.5 1,928.4
Minority interests 2.4 2.7 2.1 2.0 0.9
Net debt 750.9 1,529.3 1,415.4 391.3 456.9
  2,251.8 3,202.5 5,120.6 2,496.8 2,386.2
Statistics
Number of ordinary shares in issue at year end (millions) (2) 3,196.9 1,526.0 1,158.3 594.2 591.9
Basic (loss)/earnings per share - total Group (2) (25.1p) (132.7p) (24.2p) 50.5p 50.6p
Dividends per ordinary share 15.75p 14.75p 13.4p
Equity shareholders' funds per share (2) 46.9p 119.8p 352.3p 364.7p 338.4p
Dividend cover (times) n/a n/a n/a 3.4 3.8
Net gearing 50.0% 91.5% 38.2% 18.6% 23.7%

(1) The results of the construction business which was disposed of on 9 September 2008 are included within profit for the year from discontinued operations for 2008 and 2007, and within continuing operations for 2006 and 2005.

(2) 2008 has been restated to reflect the increase in shares related to the open offer as part of the equity raise on 1 June 2009.


Dividends per ordinary share comprise the interim and final dividends declared for the year.